The big question - how to fund your business:
Before you start a business, it is crucial to know how you will obtain your start-up capital. The best resource is what you have in your savings, but you will likely have to borrow money from friends and family, apply for grants, or take out a loan.
Setting up a Business Savings/Credit Account: It is a good idea to keep your personal savings/credit account separate from your business account. Check out the Massachusetts MIDAS Collaborative for information on how to set up an IDA - Individual Development Account for a small business. They will MATCH your savings from earned income -- in other words, if you put $100 in savings into your IDA, they will put an additional $100 into your account! You can also set up a business account with banks in your area - just be careful to ask about overdraft and monthly maintenance fees, as well as minimum balances.
Information on Small Business Administration loans for people with CORIs: All individuals over the age of 18, who are not currently on probation or parole, are eligible to apply for SBA loans. Here is some information about the types of loan programs the SBA offers: SBA financial assistance.
SBA loans for Minorities or Females: If you're a minority or female, you are eligible for special bank loans -- look here for more information.
Individual Development Accounts (AKA Free money):
617.348.6580
allen@bostonabcd.org
Loans for Boston businesses:
A listing of Requests for Proposals for City-owned, tax-foreclosed/ surplus buildings or vacant land. If your bank credit isn't so good -- visit this site for some helpful tips for improving your credit score.
To check your credit -- for FREE -- go to www.annualcreditreport.com.
Setting up a Business Savings/Credit Account: It is a good idea to keep your personal savings/credit account separate from your business account. Check out the Massachusetts MIDAS Collaborative for information on how to set up an IDA - Individual Development Account for a small business. They will MATCH your savings from earned income -- in other words, if you put $100 in savings into your IDA, they will put an additional $100 into your account! You can also set up a business account with banks in your area - just be careful to ask about overdraft and monthly maintenance fees, as well as minimum balances.
Information on Small Business Administration loans for people with CORIs: All individuals over the age of 18, who are not currently on probation or parole, are eligible to apply for SBA loans. Here is some information about the types of loan programs the SBA offers: SBA financial assistance.
SBA loans for Minorities or Females: If you're a minority or female, you are eligible for special bank loans -- look here for more information.
Individual Development Accounts (AKA Free money):
- ABCD’s Asset Development Program helps low-income households permanently escape poverty by building assets through home ownership, savings, higher education and entrepreneurship.
617.348.6580
allen@bostonabcd.org
- ACCION USA is different from a bank or credit union. ACCION USA is a microfinance organization that lends with the mission of empowering business owners with access to working capital and financial education. We are a recognized leader in small business lending, and a partner you can trust.
Loans for Boston businesses:
- Boston Loan Development Corporation
The BLDC provides loans of up to $150,000 for businesses in, or relocating to, the City of Boston. These loans can be used when buying a new business property, purchasing equipment and machinery, constructing an addition to an existing plant, making leasehold improvements or providing working capital to grow your business.
- Boston Industrial Development Financing Authority
BIDFA promotes economic growth and increased employment in the City of Boston by issuing bonds that finance the capital needs of the city's businesses and institutions. The credit of the borrower, and not that of the City of Boston, BIDFA, or the Commonwealth of Massachusetts, is pledged to repay the bonds.
- Restore Boston
ReStore Boston is a city wide program that provides grants and loans up to $7,000 per storefront to help neighborhood business and property owners complete storefront renovation projects. In addition to funding, ReStore Boston provides professional architectural design services at no cost to the business to ensure improvements are well planned and of the highest quality.
- Partners with Nonprofits
Partners with Nonprofits provides matching grants up to $25,000 to help nonprofit organizations enhance the infrastructure of facilities that serve the immediate community. Awards are made annually based upon a competitive Request-for-Proposal process.
A listing of Requests for Proposals for City-owned, tax-foreclosed/ surplus buildings or vacant land. If your bank credit isn't so good -- visit this site for some helpful tips for improving your credit score.
To check your credit -- for FREE -- go to www.annualcreditreport.com.
